Property Improvement Loan [HUD] Law and Legal Definition

Pursuant to 24 CFR 201.2 [Title 24 Housing and Urban Development; Subtitle B Regulations Relating to Housing and Urban Development; Chapter II Office of Assistant Secretary for Housing Federal Housing Commissioner, Department of Housing and Urban Development; Subchapter B Mortgage and Loan Insurance Programs under National Housing Act and Other Authorities; Part 201 Title I Property Improvement and Manufactured Home Loans; Subpart A General], the term Property Improvement Loan means “a loan made to finance actions or items that substantially protect or improve the basic livability or utility of a property. Unless otherwise indicated, the term includes single family, multifamily and nonresidential property improvement loans; manufactured home improvement loans where the home is classified as personality; historic preservation loans; and fire safety equipment loans in existing health care facilities.”